The financial press talked a lot last week about the global economic jitters that caused a broad selloff of any asset considered risky. (How else to explain the dramatic 1,200-point drop in the Dow Jones Industrial Average the last four weeks that culminated Thursday with a 376-point decline?) However, this isn t the first time the markets have experienced wild swings. And it won t be the last.

When the markets act up like this, one natural reaction is to rely on the insights of experienced managers. The argument goes that, because they have been around the block a few times, they'll be able to navigate their funds better this time around.

Academic studies have shown that isn t the case. Tenure does not have a meaningful impact on performance, but it remains one of those criteria often thrown into the mix. This week we performed our long-term manager fund screen a look at managers who have been in place for more than 10 years. That starting point gave us a group of 2,643 funds and share classes. We narrowed that list by searching for funds with low fees and top-tier performance track records during the trailing year-to-date, three- and 10-year time periods. The 15 funds on the table below fit our criteria.

Aside from funds from T. Rowe Price and Fidelity, the list is populated with offerings marketed by independent investment companies. At the major fund companies, managers work their way up by overseeing smaller funds before moving to higher profile ones. At independent shops, the managers have often broken away from the mainstream to go out own their own or have chosen to work at a place where nobody is scrutinizing their every stock pick. They stay put at these jobs.

Although studies don t link performance and tenure, there are some reasons to keep an eye on long-term managers. In many cases, the managers own or have a substantial stake in the firm, so they won t be going anywhere any time soon. That takes care of manager turnover issues. In addition, we think tenure is a good starting point to find funds with managers who invest a lot of their personal wealth right next to shareholders. We think those two criteria help align manager and investor goals.

That said, investors shouldn t consider manager tenure in a vacuum. We always tie it in with performance and fee criteria. As odd as it may sound, there are some long-term managers out there who have survived despite disappointing track records.

The Criteria: The funds on our list have managers who've been in place for at least 10 years. The funds had performance track records that put them in the top 25% of their categories during the trailing three- and 10-year time periods. They're also ahead of the S&P 500 index in 2010. In addition, they are open to new investors, require a minimum investment under $5,000 and charge an annual expense ratio less than 1.5%. As usual, we did not include funds that charge sales loads.